The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-09-04
STOCKS AS SKYROCKETS.
THE B. g. o. DEAL SENDS PRICES
UP SEVERAL POINTS,

Later IN the Day t1e Bulls Take
Sober Second Thought and the Ad-
vance Brought to q Stop-It May be
Months Before Gould Gets Control,
If Ever.
New YoRK, Sept. 3-The news in regard
TO the Baltimore and Ohio deal, which be-
came known last night, prevented a great
many brokers and operators from leaving
the city last evening, and the attendance at
the board this morning was unusually large
for Saturday. The first sales were made
amid intense excitement and some very tall
climbing for stocks was indulged in,
the result being that unusually
sharp advances were made in the first few
minutes The temper of the room was in
tensely bullish, and traders. commission
people and foreigners all bought stocks
along the entire line. There was some lit
tie resistance from the be9rs, but it was not
until heavy reaizations induced by the high
figures began to take effect that any inn
preston was male upon the market. The
excitement gradually subsidized, and after a
reaction, firm tone, which lasted until the
close, was impaired to the dealings.
THE SPECIAL FEATURES.
Reading, Manhattan and Western Union
were special features of trading, the adj
vance in the first two being somewhat
phenomenal The opening was very strong,
the advances over yesterdays final figures
ranging up to Ia per cent. in Richmond
and West Point The market was extremely
active and prices jumped up very
ing AZ, Jersey Central 8, and
Others in proportion. The reaction was
equally as sudden, but the greater part of
the advance was retained. and before 1890
O'Clock the market had settled down to COM
parative steadiness, although it remained
rather feverish throughout.
Notwithstanding heavy realizations buy
ing slowly advanced quotations all along
the line, and the close was active and strong
at material advances over Yesterdays fig
ures. The bank statement had no apprecia-
ble effect whatever
The active list is invariably higher, and
Manhattan gained Al, Reading 324, Lacka-
wanna 81, Jersey Central 2G, Missouri
Pacific and Western Union 294, New Eng
land 215, Richmond and West Point ~
Wheeling and Lake Erie 21s, and others
smaller amounts.
THE SOBER SECOND THOUGHT.
Toward the end of business the excitement
subsided, and the impression began to grow
that the benefit to accrue from the contract
was overestimated. One of the heaviest
operators ON the street said, after the close
that there was no benefit to be gained from
the settlement except that which might
accrue to the creditors of the Bal
timore and Ohio. They are es-
sentially the same parties who
have taken the preferred stock and bonds,
and tits simply matter of bonding the float
ing debt This may have saved the Balti-
more and Ohio from going into receivers
hands on account of the floating debt, but
that is all that has been done AS far as the
telegraph settlement is copcerned that is
further away now than ever. The Balti-
more and Ohio is now in strong hands, and
will be run in conjunction with the Penn
sylvania and Reading for the benefit of the
latter, and if Mr.. Gould buys the telegraph
system it will be on the syndicate's terms,
and there may be fight of years before
consolidation Is made.
THE CONTRACT.
J. Prerrepont Morgan said to-day that
the preliminary contract signed yesterday
was the only one necessary and that no
other would be drawn up. He refused to
answer any questions regarding the stories
that Mr.. Gould had already arranged for
the sale of the Baltimore and Ohio system,
but said that it was the intention to sell
both the telegraph and sleeping car plants
and franchises as soon as it could be favor
ably accomplished.
GEORGE w. CHILDs' TIPS.
PHILADELPHIA, Sept. 3.-The Public
Ledger of Monday, Sept. 8, will contain
the following editorial in its money article;
$50 great has been the apprehension for
several months about everything relating
to the Baltimore and Ohio railroad man
agement that the street and newspapers
have been almost constantly occupied with
rumors of all descriptions, and so great was
the distrust that it was not surprising that
even some very patent improbabilities
and absurdities gained considerable share
of belief The day for such rumors should
be over now. There are no hidden parties
to the syndicate which has undertaken 10
straighten out the Baltimore and Ohio's EN-
barrassed finances and 10 put them again in
the strong position they formerly occupied
There are no secret articles in the prelimi-
nary agreement.
THE PENNSYLVANIA NOT IN
The report that the Pennsylvania Rail
road Company is a party to the negotiation
is entirely without foundation in fact.
That company is not party, and has no
interest In the agreement except as part of
the general public. The syndicate Is COM
houses named in Saturdays publication
upon authority of Drexel, Morgan
81 Co., and Drexel a. Co. No
other parties are concerned in the negotia-
ton either directly or indirectly, and none
others have any interest in the syndicate. 1t
is the purpose of the syndicate so far as the
influence Of its members can reach, to man
age the affaiIyof the Baltimore and Ohio
Railroad Compaily so az TO promote its best
interests uninfiuenced by the interests OF
any other corporation, company or indi-
viduaL"
HOW LoyDoN LOOKS AT 1T.
LoNDoY, sept. J. Among the American
bankers here it pthe general opinion that
the Baltimore and Ohio settlement will have
a good cffecton all American trunk lines
and especialIys those working East and
West. sVhAfe is some doubt
whether the operation will have
any offectoh thR6tock market and in GER
tain quarters "A from existing pressure is
not expected Mtil tho grain and cotton
season is well over, or until Congress
deviseS means TO prevent the increasing
Treasury surplus.
No Attempt at Seizure.
mn